{"id":5401,"date":"2024-09-11T04:00:30","date_gmt":"2024-09-11T04:00:30","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5401"},"modified":"2024-09-11T04:00:30","modified_gmt":"2024-09-11T04:00:30","slug":"new-ath-incoming-analyst-reveals-why-bitcoins-next-rally-is-around-the-corner","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5401","title":{"rendered":"New ATH Incoming? Analyst Reveals Why Bitcoin\u2019s Next Rally Is Around the Corner"},"content":{"rendered":"

Bitcoin has been in a consolidation phase<\/a> since its renewed peak above $73,000 in March. However, many experts in the crypto space are eyeing potential signs of a breakout that could lead to a new all-time high (ATH).<\/p>\n

A renowned crypto analyst, Mags, for instance, recently shared his insights<\/a> on Bitcoin\u2019s outlook, noting patterns that have emerged in the past<\/a> and how they might affect the crypto asset\u2019s future.<\/p>\n

Bullish Signals In Bitcoin Consolidation<\/h2>\n

According to Mags, Bitcoin\u2019s current price action mirrors its behavior during last year\u2019s consolidation period. He emphasized the importance of the Moving Average Convergence Divergence (MACD) indicator, a tool analysts use to gauge momentum shifts.<\/p>\n

#Bitcoin<\/a> new ATH incoming ?<\/p>\n

The current consolidation looks a lot like what happened last year when Bitcoin stayed in a range for several months.<\/p>\n

The first bullish MACD crossover gave a weak signal, causing a short term pump, but price couldn\u2019t break out of the range.\u2026 pic.twitter.com\/09osi0GEfF<\/a><\/p>\n

\u2014 Mags (@thescalpingpro) September 10, 2024<\/a><\/p>\n

Mags highlighted that last year, the first bullish MACD crossover was followed by a short-term rally, but the price failed to break out of its range.<\/p>\n

However, the second bullish MACD crossover led to a significant breakout and subsequent price surge. Mags believes we could witness the same scenario again, potentially setting the stage for a new ATH<\/a>.<\/p>\n

The analyst particularly noted:<\/p>\n

We might see the same pattern play out again. The first signal was weak and created a short-term bottom, but the second one might lead to a real breakout and a new ATH.<\/p>\n

$73,000 And Beyond<\/h2>\n

While Mags used the MACD indicator to gauge how near a major Bitcoin rally might be, another crypto analyst, Javon Marks, has also recently shared his outlook<\/a> on the crypto. However, his view connected more to a technical chart pattern than an indicator.<\/p>\n

According to Marks analysis, Bitcoin\u2019s price chart has formed a \u2018hidden bullish divergence\u2019, which the asset has been trading within for months. Marks mentioned that the target for this pattern is Bitcoin rallying to as high as $73,729.79 and even seeing a \u201cmajor continuation<\/a>\u201d after reaching this mark.<\/p>\n

The target for this #Bitcoin<\/a> (BTC) Pattern is at,<\/p>\n

$73,729.79<\/p>\n

and a major continuation above is more than possible.<\/p>\n

The Pattern is a \u201cHidden Bullish Divergence\u201d. https:\/\/t.co\/y1LciVBNSI<\/a> pic.twitter.com\/IH0mppoo77<\/a><\/p>\n

\u2014 JAVONMARKS (@JavonTM1) September 10, 2024<\/a><\/p>\n

However, so far, Bitcoin is still far from this target, indicating that the asset might still have a long way to go. Particularly, the latest data shows the asset currently trades for $56,851<\/a>, at the time of writing, up by 2.6% in the past 24 hours.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin has been in a consolidation phase since its renewed peak above $73,000 in March. However, many experts in the crypto space are eyeing potential signs of a breakout that could lead to a new all-time high (ATH). A renowned crypto analyst, Mags, for instance, recently shared his insights on Bitcoin\u2019s outlook, noting patterns that […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5401","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5401"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5401"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5401\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}